Encouraging people to save for their future: Augmenting current efforts with positive visions of the future

Journal of Public Policy and Marketing

Volumn 31, Issue 1, 2012, Pages 58-72

  Ellen, Pam Scholder ^a   Wiener, Joshua L ^b   Paula Fitzgerald, M ^c  

^a GEORGIA STATE UNIVERSITY   (United States)

^b OKLAHOMA STATE UNIVERSITY   (United States)

^c WEST VIRGINIA UNIVERSITY   (United States)

Author keywords

Efficacy; Imagery; Retirement; Savings; Self theory

Indexed keywords

EID: 84862545085     PISSN: 07439156     EISSN: 15477207     Source Type: Journal    
DOI: 10.1509/jppm.09.089     Document Type: Article

References (81)

1. Ajzen, leek and Thomas J. Madden (1986), "Prediction of Goaldirected Behavior: Attitudes, Intentions and Perceived Behavioral Control," Journal of Experimental Social Psychology, 22 (September), 453-74.
2. Bagozzi, Richard P. and Utpal Dholakia (1999), "Goal Setting and Goal Striving in Consumer Behavior," Journal of Marketing, 63 (October), 19-32.
3. - and Elizabeth A. Edwards (2000), "Goal-Striving and the Implementation of Goal Intentions in the Regulation of Body Weight," Psychology and Health, 15 (2), 255-70.
4. -and Paul R. Warshaw (1990), "Trying to Consume," Journal of Consumer Research, 17 (September), 127-40.
5. Bandura, Albert (1986), Social Foundations of Thought and Action: A Social Cognitive Theory. Englewood Cliffs, NJ: Prentice Hall.
6. Bayer, Patrick, Douglas Bernheim, and John Karl Scholz (2009), "The Effects of Financial Education in the Workplace: Evidence from a Survey of Employers," Economic Inquiry, 47 (October), 605-624.
7. Bearden, William O., R. Bruce Money, and Jennifer L. Nevins (2006), "A Measure of Long-Term Orientation: Development and Validation," Journal of the Academy of Marketing Science, 34 (July), 456-67.
8. Benartzi, Shlomo and Richard Thaler (2007), "Heuristics and Biases in Retirement Savings Behavior," Journal of Economic Perspectives, 21 (Summer), 81-104.
9. Bemdt, Thomas J. and Leah Burgy (1996), "Social Self-Concept," in Handbook of Self-Concept, Developmental, Social and Clinical Considerations, Bruce A. Bracken, ed. New York: John Wiley & Sons, 171-209.
10. Beshears, John, James Choi, David Laibson, and Brigitte Madrian (2006), "Simplification and Savings," NBER Working Paper Series No. 12659 (October), National Bureau of Economics, (accessed November 16, 2009), [available at http://www.nber. org/papers/w 12659].
11. Blandin, Don (1998), "Do You Know How Much You Need to Save for a Comfortable Retirement?" news release, American Savings Education Council, Washington, DC, (February 28, 1998).
12. Bone, Paula Fitzgerald and Pam Scholder Ellen (1992), "The Generation and Consequences of Communication-Evoked Imagery," Journal of Consumer Research, 19 (1), 93-104.
13. Browning, Martin and AnnaMaria Lusardi (1996), "Household Savings: Micro Theories and Micro Facts," Journal of Economic Literature, 34 (4), 1797-1855.
14. Conte, Christopher (1998), The National Summit on Retirement Savings: Agenda Background Materials. Washington, DC: American Savings Education Council.
15. Cross, Susan and Hazel Markus (1991), "Possible Selves Across the Life Span," Human Development, 34 94), 230-55.
16. Dadds, Mark R., Dana H. Bovbjerg, William H. Redd, and Tim R. H. Cutmore (1997), "Imagery in Human Classical Conditioning," Psychological Bulletin, 122 (1), 89-103.
17. DeVaney, SA. and Yi-Wen Chien (2001), "A Model of Savings Behavior and the Amount Saved in Retirement Accounts," Journal of Financial Service Professionals, 55 (March), 72-80.
18. EBRI (2000), "What Is Your R3-Retirement Readiness Rating?" (accessed September 2,2009), [available at http://www.ebri.org/ survey s/rcs/2000/index .cfm?fa=rrr].
19. -(2006), "Will More of Us Be Working Forever? The 2006 Retirement Confidence Survey," EBRI Issue Brief, 292 (10), (accessed April 30,2010), [available at http://www.ebri.org/pdf/ EBRI-IB-04-2006-1 .pdf].
20. -(2008), "The 2008 Retirement Confidence Survey: Americans Much More Worried About Retirement, Health Costs a Big Concern," EBRI Issue Brief, 316 (28), (accessed April 30, 2010), [available at http://www.ebri.org/ publications/ib/index. cfm?fa=ibDisp&content-id=3903].
21. -(2009), "Employment-Based Retirement Plan Participation: Geographic Differences and Trends," EBRI Issue Brief, 336 (November), (accessed April 30, 2010), [available at http:// www.ebri.org/pdf/briefspdf/EBRI-IB-11-2009- No336-RetPart.pdf].
22. -(2010), "2010 Retirement Confidence Survey: Confidence Stabilizing, but Preparations Continue to Erode," (accessed August 15,2011), [available at http://www.ebri.org/publications/ ib/index.cfm?fa=ibDisp&content-id= 4488].
23. Employee Benefits Security Administration (2010), "Saving Fitness Guide to Your Financial Future," U.S. Department of Labor, Washington, DC, (October), (accessed February 8, 2011), [available at www.dol.gov/ebsa/pdf/ savingsfitness.pdf].
24. Escalas, Jennifer Edison (2004), "Imagine Yourself in the Product: Mental Simulation, Narrative Transportation, and Persuasion," Journal of Advertising, 33 (2), 37-48.
25. Farkas, Steve and Jean Johnson (1994), Promises to Keep: How Lenders and the Public Respond to Savings and Retirement. New York: Public Agenda, in collaboration with the Employee Benefit Research Institute.
26. FDIC (2007), "A Longitudinal Evaluation of the Immediate-Term Impact of MoneySmart Financial Education Curriculum upon Consumer Behavior and Confidence," (accessed October 13, 2010), [available at http://www.fdic.gov/consumers/consumer/ money smart/pubs/ms070424 .pdf].
27. Feenberg, Daniel and Jonathan Skinner (1989), "Sources of IRA Saving," in Tax Policy and the Economy, Vol. 3, Lawrence Summers, ed. Cambridge, MA: MIT Press, 25-46.
28. Frederick, Shane, George Lowenstein, and Ted O'Donoghue (2002), "Time Discounting and Time Preference: A Critical Review," Journal of Economic Literature, 40 (2), 351-401.
29. Gregory, W. Larry, Robert B. Cialdini, and Kathleen M. Carpenter (1982), "Self-Relevant Scenarios as Mediators of Likelihood Estimates and Compliance: Does Imagining Make It So?" Journal of Personality and Social Psychology, 43 (1), 89-99.
30. Guidolin, Massimo and Elizabeth A. La Jeunesse (2007), "The Decline in the U.S. Personal Saving Rate: Is It Real and Is It a Puzzle?" Federal Reserve Bank of St. Louis Review, 89 (November/December), 491-514.
31. Helman Ruth, Craig Copeland, and Jack Van Derhei (2009), "The 2009 Retirement Confidence Survey: Economy Drives Confidence to Record Lows; Many Looking to Work Longer," EBRI Issue Brief, 328 (April), (accessed August 19, 2009), [available at http://www.ebri.org/pdf/briefspdf/EBRI-IB-4-2009-RCS2. pdf].
32. -, -, and - (2010), "The 2010 Retirement Confidence Survey: Confidence Stabilizing, but Preparations Continue to Erode," EBRI Issue Brief, 340 (March), (accessed September 17, 2010), [available at http://www.ebri.org/pdf/ briefspdf/EBRI-IB-03-2010-No340-2010-RCS .pdf].
33. Hershey, Douglas A. and John C. Mowen (2000), "Psychological Determinants of Financial Preparedness for Retirement," Gerontologist, 40 (6), 687-97.
34. - and D. Walsh (2000), "Knowledge Versus Experience in Financial Problem Solving Performance," Current Psychology, 19 (Winter), 261-92.
35. Hoch, Stephen J. and George F. Loewenstein (1991), "TimeInconsistent Preferences and Consumer Self-Control," Journal of Consumer Research, 17 (March), 492-507.
36. Howlett, Elizabeth, Jeremy Kees, and Elyria Kemp (2008), "The Role of Self-Regulation, Future Orientation, and Financial Knowledge in Long-Term Financial Decisions," Journal of Consumer Affairs, 42 (2), 223-42.
37. Joireman, Jeff, David Sprott, and Eric Spangenberg (2005), "Fiscal Responsibility and the Consideration of Future Consequences," Personality and Individual Differences, 39 (6), 1159-68.
38. Jowett, Benjamin, trans. (2006), Protagoras by Plato. Lawrence, KS: Digireads.com Publishing.
39. Jump Start (2008), 2008 Annual Report to the President, (accessed February 8, 2011), [available at http://www.jumpstart.org/ assets/files/PACFL- ANNUAL-REPORT-1-16-09.pdf].
40. Kassarjian, H.H. and MJ. Sheffet (1991), "Personality and Consumer Behavior: An Update," in Perspectives in Consumer Behavior, 4th ed., H.H. Kassarjian and T.S. Robertson, eds. Englewood Cliffs, NJ: Prentice Hall, 281-303.
41. King, Laura A. (2001), "The Health Benefits of Writing About Life Goals," Personality and Social Psychology Bulletin, 27 (July), 798-807.
42. Krishnamurthy, Parthasarathy and Mita Sujan (1999), "Retrospection Versus Anticipation: The Role of the Ad Under Retrospective and Anticipatory Self-Referencing," Journal of Consumer Research, 26 (June), 55-69.
43. Laise, Elanor (2007), "401(k) Use Doesn't Add Up," The Wall Street Journal, (September 1), B2.
44. LIMRA (2010), "Almost Seven in 10 Employees Want Automatic Escalation," (September 28), [available at http://www.umra. com/ne wscenter/ne wsarchi ve/archivedetails .aspx?prid= 148].
45. Loibl, Cazlia and Robert Scharff (2010), "Examining the Effect of Expressing a Quantitative Goal on Consumer Saving," Journal of Consumer Affairs, (Spring), 127-54.
46. Maclnnis, Deborah J. and Linda L. Price (1987), "The Role of Imagery in Information Processing: Review and Extensions," Journal of Consumer Research, 13 (4), 473-49.
47. Madrian, Brigette and Dennis Shea (2001), "The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior," Quarterly Journal of Economics, 116 (November), 1149-87.
48. Markus, Hazel and Paula Nurius (1986), "Possible Selves," American Psychologist, 41 (9), 954-69.
49. Martenson, Rita (2005), "Success in Complex Decision Contexts: The Impact of Consumer Knowledge, Involvement, and Risk Willingness on Return on Investments in Mutual Funds and Stocks," International Review of Retail, Distribution and Consumer Research, 15 (October), 449-69.
50. Mogilner, Cassie, Jennifer L. Aaker, and Ginger L. Pennington (2008), "Time Will Tell: The Distant Appeal of Promotion and Imminent Appeal of Prevention," Journal of Consumer Research, 34 (5), 670-81.
51. Mowen, John C. (1999), The 3 M Model of Motivation and Personality: Theory and Empirical Applications to Consumer Behavior. Boston: Kluwer Academic Publishers.
52. Papke, Leslie E. and James M. Poterba (1995), "Survey Evidence on Employer Match Rates and Employee Savings Behavior in 401(k) Plans," Economics Letters, 49 (September), 313-17.
53. Perry, Vanessa G. and Marlene D. Morris (2005), "Who Is In Control? The Role of Self-Perception, Knowledge, and Income in Explaining Consumer Financial Behavior," Journal of Consumer Affairs, 39 (2), 299-313.
54. Perugini, Marco and Richard P. Bagozzi (2001), "The Role of Desires and Anticipated Emotions in Goal-Directed Behaviors: Broadening and Deepening the Theory of Planned Behavior," British Journal of Social Psychology, 40 (March), 79-98.
55. Pham, Lien B. and Shelley E. Taylor (1999), "From Thought to Action: Effects of Process- Versus Outcome-Based Mental Simulation on Performance," Personality and Social Psychology Bulletin, 25 (February), 250-60.
56. Poterba, James, Steven Venti, and David Wise (1996), "How Retirement Saving Programs Increase Savings," Journal of Economic Perspectives, 10 (Fall), 91-112.
57. Public Agenda (1995), Promises to Keep: How Leaders and the Public Respond to Saving and Retirement: A Technical Appendix. New York: Public Agenda Foundation.
58. Puri, Radhika (1996), "Measuring and Modifying Consumer Impulsiveness: A Cost-Benefit Accessibility Framework," Journal of Consumer Psychology, 5 (2), 87-113.
59. Rivkin, Inna D. and Shelley E. Taylor (1999), "The Effects of Mental Simulation on Coping with Controllable Stressful Events," Personality and Social Psychology Bulletin, 25 (12), 1451-62.
60. Salisbury, Dallas (2008), "Financial Literacy and Education: Testimony to the House Financial Services Committee Hearing on The Effectiveness of Governmental and Private Sector Initiatives," (April 15,2008), (accessed November 16,2010), [available at http://www.ebri.org/pdf/publications/ testimony/tl51.pdf].
61. -(2010), "Chairman's Report," American Savings Education Council, (Spring), (accessed November 16, 2010), [available at http://www.ebri.org/pdf/Spring2010ChairmanReport.pdf].
62. Schwartz, Shalom H. (1977), "Normative Influences on Altruism," in Advances in Experimental Social Psychology, Vol. 10, Leonard Berkowitz, ed. New York: Academic Press, 222-79.
63. Shefrin, Hersh and Richard Thaler (1988), "The Behavioral LifeCycle Hypothesis," Economic Inquiry, 26 (4), 609-643.
64. Shutan, Bruce (1996), "New Council Helps DOL Deliver Savings Message," Employee Benefits News, 10 (January), 40.
65. Soto, Mauricio and Barbara Butrica (2009), "Will Automatic Enrollment Reduce Employer Contributions to 410(k) Plans?" CRR Working Paper No. 2009-33, (December), (accessed February 8, 2011), [available at http://crr.bc.edu/images/stories/ Working-Papers/wp-2009-33 .pdf].
66. Tanner, John F., Jr., James B. Hunt, and David R. Eppright (1991), "The Protection Motivation Model: A Normative Model of Fear Appeals," Journal of Marketing, 55 (July), 36-45.
67. Thaler, Richard (1994), "Psychology and Savings Policies," American Economic Review, 84 (May), 186-92.
68. -and Shlomo Benartzi (2004), "Save More Tomorrow: Using Behavioral Economics to Increase Employee Savings," Journal of Political Economy, 112 (S1), 164-87.
69. - and H.M. Shefrin (1981), "An Economic Theory of Self-Control," Journal of Political Economy, 89 (April), 392-406.
70. Thompson, Débora Viana and Rebecca W. Hamilton (2006), "The Effects of Information Processing Mode on Consumers' Responses to Comparative Advertising," Journal of Consumer Research, 32 (March), 530-40.
71. Toussaint-Comeau, Maude and Daniel DiFranco (2009), "Trends in Consumer Sentiment and Spending," Chicago Fed Letter, (May), 262.
72. Trope, Yaacov and Nira Liberman (2003), "Temporal Construal," Psychological Review, 110 (July), 403-421.
73. VanDerhei, Jack (2007), "The Expected Impact of Automatic Escalation of 401(K) Contributions on Retirement Income," EBRI Notes, 28 (September), (accessed December 21, 2010), [available at http://www.ebri.org/pdf/notespdf/ EBRI-Notes- 09a-20071.pdf].
74. - (2010a), "Testimony Before Senate Committee on Health, Education, Labor and Pensions: The Wobbly Stool: Retirement (In)Security in America," (October 7, 2010), (accessed December 21,2010), [available at http://www.ebri.org/pdf/publications/ testimony/T-166 .pdf].
75. - (2010b), "The Impact of Automatic Enrollment in 401(k) Plans on Future Retirement Accumulations: A Simulation Study Based on Plan Design Modifications of Large Plan Sponsors Income," EBRI Issue Brief, 349 (November), (accessed December 21, 2010), [available at http://www.ebri.org/pdf/ briefspdf/ EBRI-IB-011-2010-No349-EBRI-DCIIA.pdf].
76. Vasquez, Noelia A. and Roger Buehler (2007), "Seeing Future Success: Does Imagery Perspective Influence Achievement Motivation?" Personality and Social Psychology Bulletin, 33 (10), 1392-1405.
77. Warneryd, Karl-Erik (1990), "On the Psychology of Savings: An Essay on Economic Behavior," Journal of Economic Psychology, 10 (4), 515-41.
78. Willis, Lauren (2009), "Evidence and Ideology in Assessing the Effectiveness of Financial Literacy Education," San Diego Law Review, 46 (Spring), 415-58.
79. Yakoboski, Paul and Jennifer Dickemper (1997), "Increased Saving but Little Planning: Results of the 1997 Retirement Confidence Survey," EBRI Issue Brief, 191 (November), (accessed April 30, 2010), [available at http://www.ebri.org/pdf/briefspdf/ 1197ib.pdf].
80. -, Pamela Ostuw, and Jennifer Hicks (1998), "What Is Your Saving Personality? The 1998 Retirement Confidence Survey," EBRI Issue Brief, 200 (August), (accessed April 30, 2010), [available at http://www.ncbi.nlm.nih.gov/ pubmed/10345787].
81. Zhao, Min, Steve Hoeffler, and Gal Zauberman (2007), "Mental Simulation and Preference Consistency over Time: The Role of Process- Versus Outcome-Focused Thoughts," Journal of Marketing Research, 44 (August), 379-88.